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Economic Quiz Flashcards | StudBud
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Economic Quiz
Economic Quiz
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StudBud Administration
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A #economics quiz to review over #socialstudies for #7thgrade
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Describe a command economy?
The government has some control
The people choose what to produce and consumed
Llamas run free
Government decides on what is produced and consumed
2
What is the main goal of a business?
customers
workers
bragging rights
profit
3
What type of economy is this describing~ Customs, Tradition, Habits, Hunting, and Trading?
Command
Autocratic
Market
Traditional
4
What is the trade barrier that limits the amount of imported goods?
Quota
Embargo
Tariff
Trade Barrier
5
What region of countries mostly uses OPEC?
The Arctic
Canada
The Middle East
USA
6
In this economy decisions are made by private citizens with no government regulation.
Traditional
Market
Democracy
Mixed Market
7
Which country has mixed economy?
The Republic Of Turtles
Saudi Arabia
North Korea
Turkey
8
What does OPEC stand for?
Over Pinapples Everyone Climbs
Organization of Petrolium Exporting Contries
Out pepper!! everyone chants
Ohhh Pickles Eat Cats
9
What type of economy do most countries have?
unitary
traditional
command
mixed
10
The total value of all goods and services produced within a country in a single year is?
Capital Resources
GPD
GDP
Specialization
11
What is the term that describes someone who is willing to take a risk to begin a new business?
Business Man
Entrerisker
President
Entrepreneur
12
When a country is not completely a command economy and not completely a market economy it is?
Command
Mixed
Mixed Market
Market
13
What are the 3 trade barriers?
specialization, goods, and services
tarrif, embargo, and quota
Embargo, police,and swat team
tarrif, taxes, and goods
14
Gifts of nature are called?
Capital Resources
Trees
Human Capital
Natural resources
15
What economy does Israel have?
Mixed Market
Pure Market
Mixed Command
Command
16
What are the 3 economic questions?
Wow,Hallelujah,Wonderful
Where, When, How
What,How,Whom
When,How,What
17
What is the skills, knowledge, and experience obtained by an individual or population?
Human Goods
Capital Human
Human Capital
Capital Goods
18
Focusing on specialization will increase what?
GDP per capita
Capital Goods
Human Capital
Productivity
19
Saudi Arabia specializes in what?
Cars
Technology
Industrial Technology
Oil
20
In Turkey what makes up half the economy?
Oil
Technology
Chickens
Industries
